Ministry of Industry, Gas Corporation, and Private Direct Importers Jointly Inspect Supply Situation
The government, ahead of the winter season when heating demand surges, conducted a supply and demand review together with Korea Gas Corporation and private direct importers. The Gas Corporation stated that it has already secured sufficient liquefied natural gas (LNG) needed for this winter and expects stable supply management to be possible until March next year.
On the 21st, the Ministry of Trade, Industry and Energy hosted the 'Public-Private Joint Winter Natural Gas Supply and Demand Inspection Meeting' and reviewed the domestic natural gas supply situation for the winter season together with LNG direct importers and the private LNG industry association.
The meeting was held amid ongoing instability in the Middle East due to the Israel-Hamas conflict, with energy demand concentrated in the winter season. To ensure stability in natural gas and electricity supply, active cooperation from not only the Gas Corporation but also private companies that directly import LNG for power generation is necessary.
Yoo Beop-min, Director General of the Resource Industry Policy Bureau at the Ministry of Trade, Industry and Energy, said, "There were concerns about domestic gas supply due to the Israel-Hamas conflict occurring while the Russia-Ukraine war remains unresolved, but so far, supply management has been stable. However, if the Israel-Hamas situation worsens, we cannot rule out its impact on domestic supply, so we will closely monitor the situation and thoroughly prepare for supply emergencies."
To respond to supply risks caused by the Israel-Hamas conflict, the Gas Corporation has been operating an 'LNG Supply Emergency Response Team' since last month. A Gas Corporation official stated, "We will make every effort to manage gas supply so that the public can have a warm winter," adding, "The Gas Corporation has secured LNG at a fully loaded inventory level and expects stable supply management to be possible until the end of March next year."
The Ministry of Trade, Industry and Energy plans to continue holding regular supply and demand inspection meetings with the Gas Corporation and private LNG direct importers and will do its best to ensure stable natural gas supply management through active communication.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
